MKTG 3710 Lecture Notes - Lecture 2: Prospect Theory, Mental Accounting, Information Processing
Document Summary
Chapter 2 decision making and consumer behavior. Obj1: the three categories of consumer decision making are cognitive, habitual, and affective. Constructive processing a thought process in which a person evaluates the effort he or she will nee to make a particular choice, and then tailors it the amount of cognitive effort expended to make this decision. Mental budget consumers" preset expectations of how much they intend to spend on a shopping trip. Self-regulation a person"s deliberate efforts to change or maintain his actions over time. Counteractive construal exaggerating the negative aspects of behaviors that will impede he attainment of a goal such as a strategy to avoid them and reach the goal. Three categories of decision making: cognitive deliberate, rational, sequential, habitual behavioral, unconscious, automatic, affective emotional, instantaneous. Involvement a person"s perceived relevance of the object based on their inherent needs, values, and interests (see involvement chart on page 39)
